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Friday, January 29, 2016

Be ready for your child's future



My parents were a little unconventional. When our neighbours bought a new TV, they preferred to take us on vacation. On every trip to Delhi, my father brought back books for me. It was always something not-so-materialistic from society’s point of view. We hardly understood the difference as there was no other way for us. But when we took our big step into the real world, we realised the importance of - reading books over watching movies, vacations over the second TV in our home and investing on experiences over accumulating the bank balance. My parents prepared us to take charge of our lives. I feel, they did a remarkable job.

My parents were financially prepared too. They planned well to support our education. They saved and invested for both me and my brother. However, there were a few instances which acted as a learning lesson for them. Their planning had a few shortcomings. They were ready for College fees but never thought of money for coaching classes, which was a huge amount. It was not their fault, the world is fast changing and it’s nearly impossible to predict the cost of education back in the 90s. They learnt. When my brother told them he wanted to study abroad, they did all their homework and planned to every single expense. They had no hiccups financing my brother’s education in the US. These days competition is tougher as compared to what it was a decade ago. Children need to be prepared to face the challenges and so does parents. No wonder, many parents start planning the moment a child is born. It has become a modern day necessity.

When I look at parents of our generation, I feel that most of them have embraced the off-beaten path. They are willing to spend money on activities which were once considered extravagant or non-relevant. Now, a dance class is as important as Maths tuition for a child’s development. However, there is still a long way to go for parents, as children these days are more aware and decisive. Watch this interesting #DoYourHomeWork campaign video, where parents were asked to draw what profession their children would choose, and children were asked simultaneously to draw what they want to be. You will be surprised to see the difference.

All this got me thinking - how difficult it is for parents these days? They need to be supportive on all fronts. They have to be there for their children - physically, emotionally and financially. So, to all the young parents out there - are your prepared? Have you done your homework?

Taking a cue from aspirations of these young kids, ask your child about his dreams and start investing for it. Don’t leave any details. Use The Homework App - an app which calculates how much money parents would need to fund their child’s dream. Not only this app helps in calculating the fees of your child’s education, it highlights the other expenses, based on your child’s requirement. So, if your child wants to pursue MS from Stanford, this app helps you calculate the living expenses along with tuition fees. I wish, my parents had this app while planning for my brother’s education.

Be future ready to give concrete shape to your child’s dream. Be ready so you can enjoy and be a part of his golden years, and not worry about money. Click and take a step forward in this direction.

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18 comments:

  1. Your parents did the best thing Saru. As a parent, and in times when technology has invaded our lives, I often find it tough to keep them away from too much of it. They ought to make better choices in life.

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    1. Making the right choices at the right time helps in the long run. Thanks for reading, Sunaina.

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  2. Its hard to keep ourselves away from these gadgets which have covered us almost from all sides. But inculcating those habits like reading books and nature trips are a good savoiur..

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  3. You are lucky :) Kids these days hold a laptop in one hand and a cell phone in the other, just after they are born. Not exaggerating! :P :/

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    1. I know. It's sad though. I wish they go out and interact with other kids rather than sitting at home.

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  4. What a wonderful app! The Homework app :) What we did for our children was keep aside enough money for the best education they could desire. And they did - one of my daughters wanted to go to New York - and we were able to send her because of good planning. Another is doing a Phd at Cambridge University! Think ahead!! Excellent blog post Saru.

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    1. WOW, your kids are really intelligent. You must be a proud mom.

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  5. That is very interesting as it helps in both planning and securing money for the kids future..will sure try it out..

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    1. Try it and share your experience with us.

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  6. One has to plan in tandem with fast changing times!

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  7. A very insightful post that got me thinking real hard! We will soon be faced with this as parents trying to shape our child's future. The app seems really a great tool towards that goal.

    Also your parents were just amazing. :)

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    Replies
    1. You need that. Start planning for Maya's future. I agree, I am blessed with sensible parents.

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  8. Yes its very important to plan out well to be able to meet the aspirations of children while keeping pace with inflation.

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